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I'm a college student from Hong Kong studying Computer Science. My life have been started with the brainwashing education from schools and family, where the "slowlane" is the only way to make a living. And the definition of success is to be able pay $1 Million USD mortgage for a 400 square feet tiny apartment.

With smartphones' rising popularity, everyone started spending their every waking minute on their phone for instant gratification and downloading every ads they can ever seen to their brain for more consumerism.

Even though I am disgusted by this sickness, after reading the Millionaire fastlane, I want to make a difference instead of complaining. Although exploiting everyone's dopamine system seems to be working fine and can probably make a fortune (the Instagram posts, the dessert shops in every street corner, the "Free to play" mobile games), I don't think it is the right thing to do.

So instead, I am currently working on a startup project that involves traffic optimisation, which is kinda crucial for an overpopulated city like Hong Kong. But the current price we can offer without losing a dime is almost double the existing ones, even though it would save people half of the commute time. Would love some input for this issue, should I persist or switch to something else which seems to be less of a deadend.

It's a thing in some of the less populated areas in Hong Kong (i.e. "The New Towns"), where they were planned with better cycling infrastructure. However, most people live in those areas still have to take the subway or other public transport to get to the work areas.
Furthermore, even though bicycle rental services were sort of thriving the past few years (around 7 companies took place in Hong Kong), the bubble starts to burst recently when its flaws finally come to the surface. Because first, it is only safe to the bikers and pedestrians with a cycling-friendly infrastructure (which HK does not have). Second, it can go really ugly, people might break the locks to get free bikes and bikes are often threw to the river by competitors.

TL;DR: There are existing ones but they are not doing well, due to poor infrastructure and uncivilised citizens.

I think the pain HK people facing is not really the "stuck in traffic" part. But the "waiting" part instead, it takes about 10 minutes to get on a train fully packed with people. So it is very unpleasant especially when everyone is just tired and wants to go home.
So I what I am trying to eliminate is this unpleasant part, but I am not ready to disclose my entire plan since it is still on initial stage. But will definitely update you guys when I have major failures or success.